2 questions in 1 thread with no doubt with multiple aspects of each.

Is the bottom line 'now' that we are at a new beginning – except 'now' many of the busiest asset management providers of REO & BPO are not taking on anymore brokers/agents?

This makes the possibilities for current players to grow their business if they wish and for the newest players if you wish to succeed you may want to consider JackREO’s advice and work for a REO broker until you have a planned path before you venture out on your own.

The signs are there – more and more asset management companies are being absorbed by others as banks merge, are absorbed, bought and fail. The current trend in work orders may be growing at the current time but, as the asset management companies handling the work is funneled into a select few, and these are the companies that are not really looking to take on new broker/agents, it is going to become increasingly difficult to break into REO & BPO as a greenhorn.

If you want a historical perspective on the REO & BPO business then read the 70,000 posts here – I have read most - only I exclude the flaming and Day’s of Our lives posts – most of the time. What you’ll see is that it has been changing – many of the companies mentioned are no longer in business – others have a closed the door to new brokers/agents.

So is the bottom line: Where do we go from here and What is the Future of REO & BPO?

Wouldn't it be nice if we had a crystal ball? We don't. If we did we would have known which companies were going to be merged, which would go out of business, etc.

What do we do? We keep on keeping on (goodness, I'm dating myself). By that I mean, we keep applying, we keep our focus on our markets sharp and we do a better job then our competitors and work smarter, not harder.

Someone with some insight, please post. I have a few months here to decide whether or not I am staying in this business. I keep thinking reg. real estate will rebound, but I cannot pay my bills & I am tired of waiting.

In the light of the past two weeks, now what?

cowie, realistically, you're in the same boat I am. You cover a larger service area than I do but the number of folks who will be in danger of going into foreclosure (as a percentage of the total population) is small. I get my fair share of work but I also work with a number of companies and May, June and September were really tough. The chances that HELOCs, re-fi's or traditional real estate is going to come back by the end of the year or even the middle of next year is slim to none. It's your market that you need to be concerned with. Like I said, there is a total population of 65,000 here, even if every last person owned a home, it's not realistic to assume that even 5% of them are going to go into some kind of trouble with their lender.

Where I am jobs are scarce, very scarce...in light of the current economic situation, that isn't likely to get better anytime soon, so for me, I'm better off staying where I am, applying to more companies and live as frugally as I can. It's working so far for me. You're in a different situation, you have a family to consider and unanticipated expenses that can't be planned for adequately. So...it boils down to what is it that you want to do. Do you really like real estate or is "just" a way to make money?

There aren't any easy answers. Sorry. Good luck no matter what you decide.

Its going to be a while before regular real estate sales rebounds. And even when it does, its not going to be the same. Lending standards are tight, there will be fewer buyers with smaller loans.

I'm not sure what's going to happen with BPO/REOs. I don't think business is going to increase, especially with new agents getting into it, and the large amount already in.

For my own budget over the next few years, I'm being pessimistic and expecting to make 25% less then I am right now.

I believe the door has been closed. Most companies want to deal with experienced REO agents and not bring on noobs.

I got more new assignments last month than ever before but a new REO agent in my office can't get one to save his life. He's signed up for all the right companies and has all the right credentials. The only thing he's missing that I have is REOs sold with companies I do business with. If they like the agents they have they aren't going to roll the dice with new ones.

Real Estate Agents come and go all the time. I'd bet the same will happen with REO and BPO agents. Everyone wants to do this now, but when the listings dwindle they'll go back to their regular full time jobs.

I am not trying to promote any products so I wont even mention the name, but about 2 months ago I purchased the direct contact info to the asset managers at 50 REO companies from a company that sells this info. They are the only company that sells or has ever sold this info as far as i know.

Before that I had done an average amount of BPO assignments, but had only received a few REO listings from one company over the past year.

By regularly contacting and following up with all of the AM's and attempting to build relationships with them via email, i have increased my BPO orders by about 500% and I have received listings from 3 companies already.

I know many of these companies say they are not accepting new agents, but the AMs can still choose to use whoever they want. The company may just not be allowing agents to register through their main site because they are swamped with new applications everyday. AQlso, its only seems to be mostly the big name companies that say they are no accepting new agents. there are plenty of small to medium sized companies that still allow you to register. You just need to make sure you are registered on all of the portals to make sure they get you the orders. REOtrans, Res,net, Disposolutions, etc.

If you are following up with these AMs on a regular basis, when a BPO or Occupancy check, or cash for keys offering or whatever opens up in your area and they cant reach their regular guy or he screws up a listing, you may get the call because you are fresh in the AMs mind.

Just my advice, but its working for me.

I didn't intend to have the thread go into this direction but before we get back on topic I want to thank 'Juniper' for the offer to help people from the list that Juniper obtained and that is working so well. Juniper has helped many here and I hope they didn't forget to say thank you. Thanks from everyone here Juniper - you certainly are a kind hearted soul. Juniper is the 'Real Deal'.

Now back on topic - does anyone see a fight to break up the monopoly that some asset management companies will appear to have when all this new Fed money is applied to the mortgage industry? How do you see this affecting our business?

thanks

I just learned this tonite but his sarcasm is colder than a well-d'sb.

Oh... stop sling the mud....your a plebe...show some repect!

So Swflagent - you are having several opportunities in the coming month to listen to and network with industry pros - REOMAC, BRO and Realtor & Expo all in the next month. If you go to any of them would you post what the honchos are predicting?

I would like to find out how all these mergers and acquisitions will affect us - let alone the bailout.

Respect is a two way street.

Pinehurst, I would absolutely post any information that would benefit all of us.

Whoa! How did we get here?